NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2000

Public Policy and Real Estate Markets

Joe Gyourko, Chris Mayer, and Todd Sinai, Organizers

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

August 1, 2000

PRELIMINARY PROGRAM

TUESDAY, AUGUST 1:

8:00 AM Coffee and Doughnuts

8:30 AM CHRIS DOWNING, Federal Reserve Board

NANCY WALLACE, UC, Berkeley

A Real Options Approach to Housing Investment

Discussant: WILLIAM WHEATON, MIT

9:40 AM Break

9:55 AM LAARNI BULAN, Columbia University

CHRISTOPHER MAYER, University of Pennsylvania

C. TSURIEL SOMERVILLE, University of British Columbia

Real Options and the Timing of New Investment:

Evidence from Real Estate Development

Discussant: RICHARD GREEN, University of Wisconsin- Madison

11:05 AM Break

11:20 AM MARK GARMAISE and TOBY MOSKOWITZ, University of Chicago

Confronting Information Asymmetries:

Evidence from Real Estate Markets

Discussant: WILLIAM GOETZMANN, Yale University and NBER

12:30 N Lunch

1:30 PM KERWIN KOFI CHARLES, University of Michigan

ERIK HURST, University of Chicago

The Transition to Home Ownership and

the Black-White Wealth Gap

Discussant: EDWARD GLAESER, Harvard University and NBER

2:40 PM Break

3:10 PM PATRICK BAJARI, Stanford University

MATTHEW KAHN, Columbia University

Why Does Racial Segregation Persist?

A Case Study of Philadelphia

Discussant: JOHN QUIGLEY, UC, Berkeley

4:20 PM Adjourn

7/10/00